Stephen Saad Net Worth : $1.3 Billion
Stephen Bradley Saad, a son of a KwaZulu-natal, was born in June 23, 1964 in Durban, South Africa. He is the co-founder of Aspen Pharmacare Holdings Limited, and has been serving as the Group Chief Executive Officer of this company since the year 2000. Stephen’s pioneering ability in battling HIV/Aids is possibly the greatest achievement he has made in the healthcare industry.
Stephen broke into the pharmaceutical sector in 1993, and sold his shares in Covan Zurich to Adcock Ingram for 20 Million South African Rand ($2.4 million). This transaction made Stephen an instant millionaire at the tender age of 29. He is now one of the richest people not only in South Africa, but in the whole of Africa as well. According to Forbes, Stephen is the 7th richest person in SA, and the #1284 richest person in the world.
Aspen Pharmacare Holdings Limited
Aspen was founded in 19997 by Stephen and his friend and colleague, Gus Attridge. The duo raised 50 million South African Rand ($6 million) as start-up capital and initially set up a shop in a small house in Durban, since they were unsure of the success their business would encounter. Nonetheless, through Stephen’s operational competitiveness, keen financial intelligence, commitment and strategic acquisitions, Aspen rose to become a highly profitable business, with both local and international subsidiaries.
Today, Aspen is not only the largest pharmaceutical manufacturer in Africa, but it prides itself in being the only manufacturer of generic antiretroviral (ARV) drugs with US Food and Drugs Administration endorsement. In fact, this company is one of the only three pharmaceutical companies in the world to have been selected by the Clinton Foundation as competent in the manufacture of antiretroviral drugs at the stipulated price and quality. This pharmaceutical company now boasts a market cap of about 12 billion SA rand ($1.4 billion).
In addition to its contribution to human resource development and pharmaceutical research, Aspen is involved in various Corporate Social Investments projects in a number of disadvantaged regions. This pharmaceutical company is also committed to offering support and affordable healthcare facilities to underprivileged communities.
Awards and Recognition
Through his involvement in Aspen Pharmacare Holdings Limited, Stephen has been honored in various ways. In 2005, he was inducted into the international Ernst & Young World Entrepreneur of the Year Hall of Fame. He shares this honor with Michael Dell of Dell Computers, and another South African Billionaire Patrice Motsepe. Stephen was also awarded with a Convocation Award from the University of KwaZulu-Natal.
He is married and has four daughters. He spends his free time at his private game reserve known as Exeter situated at Sabi Sands. This game reserve is adjacent to Kruger National Park, which is the largest national park in South Africa.
Interesting Aspects about Stephen